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Systems For Traders | True FX Signals Review

True FX Signals Review

HomeForumsReviewsForex Signal Service ReviewsTrue FX Signals Review

This topic contains 1 reply, has 1 voice, and was last updated by ReviewTeam ReviewTeam 6 years, 2 months ago.

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  • #592
    ReviewTeam
    ReviewTeam
    Keymaster

    True FX Signals Review

    To The Best Of Our Knowledge This Service Is No Longer Available

    Key Info

    Publisher:  None specified
    Cost:  From $74.99 a month depending on FX pairs and subscription period
    Review Date:  March 2009

    What It Says On The Website

    Big headlines here, “20,000 pips in just 15 months” with signals “based on a strategy developed in early 2007”. As opposed to the “services out there that offer small winnings with a big monthly fee”, True FX “has a winning record and will continue to make pips in the future all while charging our customers a small fee for our services”.

    The Performance page does look good with just 2 losing months out of 16, with a maximum drawdown of -626 pips (in July 2008). The best performing month being September 2008 with a +3918 pip return. Also on this page are downloadable text files containing a break down of all trades (day by day) for the past 6 months.

    Signals are sent at 0:00 ET (05:00 GMT) and are “completely Set and Forget” with no monitoring required at all. There is a Buy and a Sell order for each currency pair. Stop losses are pre-defined, these range from 50 – 75 points depending on the pair. Targets are open ended and all trades are exited at 12:00 ET (05:00 GMT) the day after entry. Any orders not triggered by 13:00 ET (18:00 GMT) are cancelled.

    The service is split into different groups of currency pairs and pricing is dependent on the chosen group(s) and subscription period:

    – Majors, EUR/USD, USD/JPY and GBP/USD
    – Minors, USD/CAD, AUD/USD and NZD/USD
    – Crosses, EUR/JPY, GBP/JPY and GBP/CHF

    To sign up for all pairs costs a staggering $199.99 a month so we are not so sure about the “charging our customers a small fee for our services” statement above.

    The Service

    We opted for the second cheapest option, the Majors for 1 month at a cost of $99.99.

    Signals are received, as promised, around 12:00 ET (05:00 GMT) and we placed all of our trades at around 07:00 GMT. As usual, it was swings and roundabouts with us being 2 hours late – sometimes a worse entry (and exit), sometimes a better one, but acceptable nonetheless.

    Trade entry took around 5 minutes and was quite straight forward, no problems as stops are pre-defined and there are no targets involved as trades are simply closed the next morning at whatever level they are at, hopefully for a profit.

    Hard to give a judgement on Risk/Reward for each trade as targets are open ended. However, we found that when we were still in a trade the next morning that the targets were a similar distance or better (reward wise) as the risk (distance to Stop from entry).

    With up to 3 trades on and an average stop of 60 pips we were at risk of up to 180 or so pips each day.

    As mentioned above trades are left open until stops are hit or, until 0:00 ET (05:00 GMT) the next day. We settled with closing out at 07:00 GMT, and, as mentioned above, sometimes we were better off, sometimes not.

    Can It Work

    Well, its very simple and easy to operate. Orders are entered and forgotten about until the next day, with the exception of having to cancel those not triggered at 13:00 ET (18:00 GMT). Depending on your broker you may actually be able to specify this at the time of order entry, we were with IG Index.

    During the period we were subscribed we actually made a profit, on small stakes, enough to cover our subscription fee. We managed to get within about 25% of the advertised pips made during the period. Some of this was due to our exits being later, but generally, we made up on some trades where we lost out on others. The main discrepancies came about where a couple of times we got into a trade and got taken out for a maximum loss but the trade didn’t seem to be included in the published results, we know not why. Rollover costs, applicable to every overnight trade (on our spread bet account) also affected results slightly, but not significantly.

    Support

    Pretty good here, quite willing to answer questions and usually quite prompt in their responses, typically within 24 hours.

    Summary

    PRO’s
    • Clear signals, easy entry, less than 5 minutes per day.

    CON’s
    • Couldn’t quite replicate the advertised results but we came close.
    • Quite expensive, relative to other similar services.

    Do remember, your comments are important – If you have used or decide to use this service, please contribute to the community by reporting back your findings.


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    #595
    ReviewTeam
    ReviewTeam
    Keymaster

    Systems For Traders had to be rebuilt in 2013

    This is a selection of key posts and comments
    From the original forum

    oriana

    21-Jul-2009

    This provider is a SCAM and I urge traders not to do business with this company.

    This service posted an obvious lie about their relationship with the NFA on their website and repeated that lie several times – This company has severe ethical lapses.


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    And also receive an email every time we post a new review

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